Goldstone Financial Group LLC Invests $395,000 in 3M Company (NYSE:MMM)

Goldstone Financial Group LLC acquired a new stake in shares of 3M Company (NYSE:MMM - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,692 shares of the conglomerate's stock, valued at approximately $395,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wayfinding Financial LLC acquired a new position in 3M during the fourth quarter worth about $851,000. Ensign Peak Advisors Inc grew its holdings in 3M by 29.2% during the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after acquiring an additional 145,146 shares during the period. Braun Stacey Associates Inc. grew its holdings in 3M by 18.4% during the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock worth $18,408,000 after acquiring an additional 22,203 shares during the period. Asahi Life Asset Management CO. LTD. grew its holdings in 3M by 34.0% during the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate's stock worth $1,616,000 after acquiring an additional 3,173 shares during the period. Finally, Allstate Corp acquired a new position in 3M during the fourth quarter worth about $2,101,000. 65.25% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the sale, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president now owns 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

Wall Street Analyst Weigh In

MMM has been the topic of a number of research analyst reports. Citigroup lifted their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. JPMorgan Chase & Co. lifted their price target on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Royal Bank Of Canada lifted their price target on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Barclays lifted their price target on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Finally, Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $155.83.

3M Stock Up 0.3%

Shares of 3M stock traded up $0.38 during trading on Wednesday, hitting $142.59. 1,365,916 shares of the stock traded hands, compared to its average volume of 3,823,295. The stock has a market cap of $76.74 billion, a P/E ratio of 18.00, a PEG ratio of 3.01 and a beta of 1.03. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. 3M Company has a twelve month low of $98.26 and a twelve month high of $156.35. The company has a fifty day moving average price of $142.68 and a two-hundred day moving average price of $141.98.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. The business had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. Equities research analysts predict that 3M Company will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.05%. 3M's dividend payout ratio (DPR) is currently 36.87%.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.